Firestone Diamonds: FY 2019 Disappointing
December 22, 19
(IDEX Online) - Firestone Diamonds has said that despite a solid operational performance, 2019 was a disappointing year in which revenues declined because of a weak diamond market and a reduction in carats sold. During the year ended June 30, 2019, the company recovered 829,458 carats (2018: 835,832 carats) and sold 774,830 carats sold (2018: 831,637 carats). The company, which has operations focused in Lesotho, saw revenue decline from $62.2 million in 2018 to $57.2 million. Its average per carat price fell from $75 in 2018 to $73. Overall, the company saw a loss of $56.9 million (2018: $14.2 million). "The year's performance was solid from an operational perspective, as we delivered results within our guidance range for all items within our control,"said Paul Bosma, CEO. "From a diamond pricing perspective, it was a tough year, particularly for the smaller, lower value goods and these conditions are expected to persist for the foreseeable future until the end of 2020 when global rough supply is expected to reduce."